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Giving up?

  • #61
  • Dec 11, 2017 12:46am Dec 11, 2017 12:46am
I have been in roller costar rides since past 8 months... Earning $400-$500 and then losing the same... Earn the same again and then lose them again... and this cycle is going on..

However I have identified that the problem lies with me only. I am a victim of impulsive trading. Need to really work on my psychology....

They say, if you are able to survive with your capital in first 6 months, you are right path. If it is true, I am happy I didn't blow my account.
  • #62
  • Dec 11, 2017 2:14am Dec 11, 2017 2:14am
Quoting Atokys
{quote} Ok, lets try a simple example: Tom opens an account with a $1000 balance. 1 month later he is left with $0. Tom opens another account with a $1000 balance. 1 month later he is left with $0. Tom opens a third account with a $1000 balance. 1 month later he is left with $0. Tom opens a fourth account with a $1000 balance. 1 month later he is left with $0. 'Hey Tom, don't give up, you're just 4 years and 8 months away from consistent profitability.'
That happens if they don't have a checklist / journal for everything that has gone wrong and right.

I don't believe anyone would be dumb enough to hold on to losses more than cutting profits.

I for one had reduce the need to cut profits because my profit target is in the daily time frame.
You're going to pay a price for every bloody thing you do and don't do
  • #63
  • Dec 11, 2017 3:25am Dec 11, 2017 3:25am
Quoting chartsndream
This post I hope reaches out to those that are on contemplating on quitting the markets, Don’t. You started for a reason, don’t give up on that reason and embrace the difficult times the market has in store for you. Like Winston Churchill once said, “Success is walking from failure to failure without losing enthusiasm.” You are working on developing a set of skills that may take you 5 years to become proficient in that will generate you income for the next 50 years. If you ever feel like quitting, reach out to me. Let’s talk. I know that feeling....
Winston Churchill has another great phrase.
"If you're going through hell, keep going."
Point of view is a common opinion, passed through the prism of experience
  • #64
  • Dec 11, 2017 5:25am Dec 11, 2017 5:25am
If you feel like giving up on Forex trading, revisit why you started. Did you start with an enduring motivating purpose or just a fleeting dream?

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #65
  • Dec 11, 2017 5:38am Dec 11, 2017 5:38am
Reality of Forex is never start it . Time waste, money loss , too much study , return is never good for its effort. Elliot wave theory is must for beginners. If extra money and time than jump in this ocean but there are too much shark .
Neither a Bro Nor a Pro I am I
  • #66
  • Dec 11, 2017 5:42am Dec 11, 2017 5:42am
Quoting satish37
Elliot wave theory is must for beginners.
It's not a must it's a waste of time...
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #67
  • Dec 11, 2017 7:14am Dec 11, 2017 7:14am
Quoting chartsndream
This post I hope reaches out to those that are on contemplating on quitting the markets, Don’t. You started for a reason, don’t give up on that reason and embrace the difficult times the market has in store for you. Like Winston Churchill once said, “Success is walking from failure to failure without losing enthusiasm.” You are working on developing a set of skills that may take you 5 years to become proficient in that will generate you income for the next 50 years. If you ever feel like quitting, reach out to me. Let’s talk. I know that feeling....
Keep in mind some people are just not cut for this job... Therefore they should not give up on other opportunities in life. ALWAYS have a backup plan. I finished university and got my international trade degree, just in case forex would not work out.
  • #68
  • Dec 13, 2017 7:59am Dec 13, 2017 7:59am
Quoting Stubborn
{quote} If this is not any commercial ad then I applaud you for this initiative. I wish that you change the life of many with your skills. Keep up this good work.
Thank you for your inspiration. But I think that forex trading is not everyone cup of tea. Everyone needs to think is it for me. Does it go with my personality? If the answer is yes only then enter into the market and keep pushing yourself untill you get your desired success.
  • #69
  • Dec 15, 2017 2:05am Dec 15, 2017 2:05am
I saw a photograph recently having who is digging up for treasures, but gave up feeling tired and powerless not realizing that he is close to the treasures he seek for. Just a few hits, he would be there.
Forex is kin ofa similar to what that man is going through or went through, sometimes we may feel like giving up. But if we can just find one motivation to hold on, we would reap benefits soon.
Know why you are in the market, perhaps take a little break to reevaluate what has been going wrong and what more you can do.
  • #70
  • Jun 1, 2018 10:34am Jun 1, 2018 10:34am
Yes, in many instances I also feel that I should give up. But again, I remember my objectives and try to bounce back to normal trading without taking too much pressure. On of the best ways to sustain here is to forget the losses but try to receive the lessons in appositive way. It is true that it is not easy to accept losses and forget these mistakes. But if we want to be a long term trader we have to deal with our emotional war.
  • #71
  • Jun 1, 2018 5:46pm Jun 1, 2018 5:46pm
Quoting James007
{quote} Thank you for your inspiration. But I think that forex trading is not everyone cup of tea. Everyone needs to think is it for me. Does it go with my personality? If the answer is yes only then enter into the market and keep pushing yourself untill you get your desired success.
I agree with your opinion, Forex is open to all but that doesn’t mean it’s easy way to make money! Here the success ratio is very low and that’s the reality.
  • #72
  • Jun 1, 2018 6:37pm Jun 1, 2018 6:37pm
Quoting Atokys
{quote} Ok, lets try a simple example: Tom opens an account with a $1000 balance. 1 month later he is left with $0. Tom opens another account with a $1000 balance. 1 month later he is left with $0. Tom opens a third account with a $1000 balance. 1 month later he is left with $0. Tom opens a fourth account with a $1000 balance. 1 month later he is left with $0. 'Hey Tom, don't give up, you're just 4 years and 8 months away from consistent profitability.'
Tom is an idiot he should most definitely give up. Blowing account once is bad enough, 4 times raises question of his mental capacity to grasp the forex fundamentals
Sorry Tom!
  • #73
  • Jun 1, 2018 8:26pm Jun 1, 2018 8:26pm
The thing people Don't understand is that doing this is hard even for the successful traders. Most people have the mentality that their lives are gonna become easier when they learn how to trade. Nothing can be far from the truth. This is hard to do, even when you know what to do. Easy money cannot be found under the sun.
When you see it, BET big.
  • #74
  • Jun 1, 2018 9:00pm Jun 1, 2018 9:00pm
Quoting chartsndream
This post I hope reaches out to those that are on contemplating on quitting the markets, Don’t. You started for a reason, don’t give up on that reason and embrace the difficult times the market has in store for you. Like Winston Churchill once said, “Success is walking from failure to failure without losing enthusiasm.” You are working on developing a set of skills that may take you 5 years to become proficient in that will generate you income for the next 50 years. If you ever feel like quitting, reach out to me. Let’s talk. I know that feeling....
Fact is only 2% of retail traders will make it.

For many of us retailers this forex thing is nothing more than a social gathering. IF you happen to break even over the years youve won.

but thats jot a career. A career in forex means being right 90%+. Knowing entries and targets to within a few pips. Impossible? No. Extremely difficult and no education on the net for it? Correct.

Only people making money is SCAMMING FOREX EDUCTORS that claim they make money and sell the idea of it to us.

Thats the truth. It should be against the law to educate anything unless government accredited. The re hashing of crap indicators time and time again and yet we continue to pay for em and use em and lose accounts.

Why? Social needs and gambling addictions.

Should you give up?
yes. Can you? Probably not.

You will lose all your money. Most likely. Unless you can master technical trading (volume, orderflow)
  • #75
  • Jun 1, 2018 9:38pm Jun 1, 2018 9:38pm
MLeslie,

Very well said. It is the truth, but most here unfortunately don't want to hear hard truths. The only disagreement I would have is mastering technical trading. Retail traders don't have access to actual orderflow data and they never will. That's exactly why forex is a rigged game.
  • #76
  • Jun 1, 2018 10:07pm Jun 1, 2018 10:07pm
Quoting gravitist
MLeslie, Very well said. It is the truth, but most here unfortunately don't want to hear hard truths. The only disagreement I would have is mastering technical trading. Retail traders don't have access to actual orderflow data and they never will. That's exactly why forex is a rigged game.
Futures orderflow? Bookmap?
  • #77
  • Jun 2, 2018 8:08am Jun 2, 2018 8:08am
trading is not for everyone, it is a lot of work and stressful.

if you feel like you should quit then you should quit, only you know whats right for you.

if you are losing money trading putting more money into it is just throwing good money after bad.

I have been thinking about quitting my self.
  • #78
  • Jun 2, 2018 9:22am Jun 2, 2018 9:22am
To master trading you will need to experience the pain. “No Pain no Gain” trading is so simple and extremely difficult at the same time. Only with experience and scars paid with blood can u achieved immortality. Keep the fire burning while trading and when you are at the Top maintain your ritual breakfast daily as the market is unforgiving on silly mistakes. But most won’t make it to the Top.
Self discipline It is a practice
  • #79
  • Jun 2, 2018 10:01am Jun 2, 2018 10:01am
Trading is easy. It is simple logic. Doesn't matter if it is technical analysis or fundamental analysis. Either way it boils down to simple logic. The biggest problem is that we are not Vulcan's. Our emotions get the best of us. Fear, greed, anger, joy all play a role in trading. How well you control those emotions will be the biggest determining factor in your success or failure. For each person, that journey is something they will have to master themselves. It cannot be taught (in my opinion). Until you can analyze trades objectively without emotion you will have limited success. In other words, as an example, stop thinking that they are "hunting" your stops and start realizing you are putting your stops where all the other sheep are hanging out. In that case it isn't stop hunting it is stop harvesting.

Most people who start trading in Forex do so with a lottery mindset. "I put in a hundred bucks and WON a thousand". I hate it when I see people saying they "WON" any amount. If you are doing this right then any amount you make is earned. If you are buying 4 full lots with a $1,000 account and wanting to know why you had a margin call after it moved 25 pips against you and you refused to get out because "it has to" move back the other way then yes please quit now. Not willing to cut a loss early is a huge factor in blown accounts. Just because you CAN use 400:1 leverage doesn't mean you should.

People come to a place like ForexFactory with hopes that some successful trader will share the "holy grail" of information and turn them into a successful trader too. IT WILL NEVER HAPPEN! A "system" will never make you a successful trader. Want proof? Check out some of the more popular threads and see how many varying opinions there are as to price direction. Same system, different trader. Check out any system posted on this forum and somewhere within the first 5-10 posts someone is going to ask "Is there an EA?" because they want to "help with backtesting". LOL! Whenever I see that post all I think is this person is too lazy to learn how to trade and they are hoping that someone has automated it for them so they can be a millionaire this month.

Is it possible to be successful? Yes absolutely. But do not expect the results of the 2% with the efforts of the 98%.

"Live Long and Prosper", Spock.
  • #80
  • Jun 2, 2018 10:08am Jun 2, 2018 10:08am
[quote=magnumfreak;11127288]Trading is easy. It is simple logic. Doesn't matter if it is technical analysis or fundamental analysis. Either way it boils down to simple logic. The biggest problem is that we are not Vulcan's. Our emotions get the best of us. Fear, greed, anger, joy all play a role in trading. How well you control those emotions will be the biggest determining factor in your success or failure. For each person, that journey is something they will have to master themselves. It cannot be taught (in my opinion). Until you can analyze trades objectively without emotion you will have limited success. In other words, as an example, stop thinking that they are "hunting" your stops
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Self discipline It is a practice
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